GOLD - Gold Rises Ahead of Powell's Speech
Gold prices rose in the European market on Friday to resume gains that stopped for two days within correction and profit-taking operations and to approach their highest levels ever, supported by the current weakness in US currency levels against a basket of global currencies.
After the Federal Reserve minutes strengthened the chances of easing monetary policy next September, markets are awaiting Jerome Powell's comments at the Jackson Hole Forum in search of clearer evidence about the size of the potential cuts in US interest rates before the end of this year.
Generally, the Direction uptrend
Uptrend Side: To be in an uptrend, the price should break the resistance of 2500 and, above it, the last high level of 2527 to reach the new high level of 2540.
Downtrend Side: Currently, the price is trading above the support of 2475; if it crosses this level, it will be downward toward 2468; also, a break under it will touch 2463.
Tendency Keys: 2500
After the Federal Reserve minutes strengthened the chances of easing monetary policy next September, markets are awaiting Jerome Powell's comments at the Jackson Hole Forum in search of clearer evidence about the size of the potential cuts in US interest rates before the end of this year.
Generally, the Direction uptrend
Uptrend Side: To be in an uptrend, the price should break the resistance of 2500 and, above it, the last high level of 2527 to reach the new high level of 2540.
Downtrend Side: Currently, the price is trading above the support of 2475; if it crosses this level, it will be downward toward 2468; also, a break under it will touch 2463.
Tendency Keys: 2500
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With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
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